Strategic Management
Multicultural Foodservice & Hospitality Alliance (MFHA)
This hospitality organization is based in Providence, USA. It partners with a wide range of organizations to encourage and promote diversity in industries in foodservice, lodging, and hospitality.
Strategy
entails futuristic thinking and developing a course of action to meet goals and objectives.
Modification and Amplification
essential in correcting any weaknesses or failures found during evaluation. Strengths identified can lead to implementation in other areas
1. Analysis 2. Formation 3. Execution 4. Evaluation
four steps to strategic management:
sustainable growth
strategic management has been shown to lead to more efficient organization performance, which leads to manageable growth.
Sun Tzu
According to _______, calculations underlie victorious situations in war
Descriptive strategic management
means putting strategies into practice when needed.
top-down approach
with the top management at the core of the decision making process.
Functional-level strategy
A plan of action to improve the ability of each of an organization's functions to perform its task-specific activities in ways that add value to an organization's goods and services.
formation and implementation of strategy
Strategic management consists of two distinct phases that deals with ________ and ________ of strategy.
Competitive advantage
Strategic management gives businesses an advantage over competitors because its proactive nature means your company will always be aware of the changing market.
Achieving goals
Strategic management helps keep goals achievable by using a clear and dynamic process for formulating steps and implementation.
Increased managerial awareness
Strategic management means looking toward the company's future. if managers do this consistently, they will be more aware of the industry trends and challenges. By implementing strategic planning and thinking, they will be better prepared to face future challenges.
Cohesive organization
Strategic management necessities communication and goal implementation company-wide. an organization that is working in unison towards a goal is more likely to achieve that goal.
Global Business Travel Association (GBTA)
The association provides a network for managers and members to mingle in various events and professional development programs.
Multicultural Foodservice & Hospitality Alliance (MFHA)
The organization conducts groundbreaking research, consults with organizations on how to win more customers and it helps to shape the image of the hospitality industry.
American Culinary Federation (ACF)
This is a Hospitality association that ensures that Chef remains one of the Best Hospitality Jobs.
Global Business Travel Association (GBTA)
This is a coveted group for maximum exposure in terms of latest trends, Latest Hospitality software, Best Hospitality and Travel Certificates, Innovation, Training etc
UNWTO (World Tourism Organization)
This is probably the most popular and topmost tourism organization in the world. this hospitality and tourism organi zation is a United Nations specialized organization.
Evaluation
________ the final product. Did you achieve your goal? Was the process implemented appropriately company-wide? Based on your answers to these questions, you can reflect and revise as needed.
strategy
_________ emanated from the word strategos, which translate to "general." " Literally, it means "leader of the army."
Hospitality
a term implies whereby a guest who is away from home is welcomed by a host where basic necessities are provided such as food, beverages and lodging.
business level strategy
an integrated and coordinated set of commitments and actions the firm uses to gain a competitive advantage by exploiting core competencies in specific product markets
Carl von Clausewitz's
considered strategy "a variation of themes" in war situation. Notes that strategy was "open-ended and creative" in a situation of chaos and disorganization
The ninth school, environment
e describing strategy formation as a reactive. The firm's external environment influences the strategy formulation and implementation process, and firms are viewed as being part of an environment that is simple or complex, stable or dynamic
The design school (1st)
emphasis a fit between an organization's internal capabilities and external opportunities. This school emphasizes the importance of a firm's position within the context in and the emphasis is on how it develops its structure in order to support the strategy.
1960s, 1970s, and the early 1980s
emphasis on analysis and formalized planning, with special teams assigned to develop plans. The typologies and concepts related to business and corporate strategies, with strategy formulation at the core of such conceptualizations, led to the evolution of the domain during this period.
Prescriptive strategic management
means developing strategies in advance of an organizational issue
Tourism
means the temporary short-term movement of people to destinations outside the places where they normally live and work, as well as their activities during their stay at these destinations.
knowledge perspective
part of the learning school, and the focus here is on the on the system as a whole rather than only a few managers at the helm of decision making.
The fourth school, entrepreneurial
pertain to decision making and the process of strategy formation. Here the central role of strategy formation lies with the leader, whose "intuition, judgment, wisdom, experience and insight" are at the heart of decision making.
External Analysis
pertains to opportunities and threats analysis
Internal analysis
pertains to strengths and weakness analysis
Strategic planning
planning is the identification of achievable goals.
Strategic analysis
provides the firm with a clear picture of its situation, which includes internal and external analysis.
1950s and 1960s
strategic management was viewed from general management perspective, emphasizing the role of the leader. Hence, the focus was on leadership, interpersonal relationships, and the systems, processes, and structures in an organization.
Strategic thinking
the ability to identify the needs of the organization to achieve the goals identified through strategic planning.
The eighth school, culture
the emphasis is on the organization as a collective whole and strategy formation as comprising social interaction. Resources and capabilities are the sources of competitive advantage,
corporate level strategy
the overall organizational strategy that addresses the question "What business or businesses are we in or should we be in?"
1. Corporate Level 2. Business Level 3. Functional Level
three major levels of Strategic management process
UNWTO
to ensure sustainable tourism across the globe along with ensuring fair practices, promotion of innovation and a lot more. Ethics, skilling the hospitality sector, market intelligence along with various other things are the key focus of this organization.
false, hospitality industry provides the accommodation and food.
true or false the tourism industry arranges the likes of travel for tourists, but necessary services such as accommodation and food are provided by the tourism industry also.
false, tourism sector relies on the hospitality sector for both domestic and international tourism
true or false hospitality sector relies on the tourism sector for both domestic and international tourism;
Evaluating the Strategy's Results
used in the implementation phase serve as performance feedback. Analyzing present state compared to desired future state identifies the need for new products or additions to existing products.
The tenth school, configuration
views strategy as transformational. . Refers to the structure that a firm adopts in a given environmental context, and transformation refers to a change in configuration based on a change in context
American Culinary Federation (ACF)
was created for the purposes of promoting the professional standing of American chefs and cooks internationally.
American Culinary Federation (ACF)
was created in 1929 in New York by a group of three organizations for chefs
The sixth school, learning
which supports the notion that strategy making is based on the foundation of learning. The strategy maker is constantly learning about process of strategy formation and its various elements in complex environment.
The second school, planning
which was developed in 1970s, conceptualized strategy to include a structured, step-by-step approach. Mission and vision statement were set, and goals were clearly spelled out while detailing the objectives that would lead to the accomplishment of those goals.
The seventh school, power
with negotiation at the crux of the process. Power and politics drive this school of thought, with organizations vying for position in the markets and transactions.
Analysis
A SWOT analysis, or identification of strengths, weaknesses, opportunities and threats, is a useful tool
1. Formulating a Plan 2. Implementation of Strategies 3. Evaluating the Strategy's Results 4. Modification and Amplification
Four Steps in Having a Successful Strategic Management
Functional-level strategy
It also engages in constant innovation to ensure new product/service development rollout, while ensuring that the service and product qualities, as well as the customer satisfaction related to them are at the highest level.
'hospitaire'
Latin word which means 'to receive a guest'
Strategic Business Unit (SBU)
is defined as a unit within a given corporate identity that is distinctly different from other units within the corporation in terms of products and services, as well as the markets it serves with a distinct profit-making capability of its own.
Department of Tourism (DOT)
is mandated to encourage, promote, and develop tourism as a major socio-economic activity to generate foreign currency and local employment and to spread the benefits of tourism to a wider segment of the population with the support, assistance, and cooperation of both the private and public sectors. T
upper management
is responsible for implementing strategies, ideas, goals or organizational challenges can come from any member of the company.
Implementation of Strategies
is the execution of the necessary strategies to meet the objectives that have been set. To ensure success, all employees should understand their roles and responsibilities.
Strategic Management
is the ongoing planning, monitoring, analysis and assessment of all necessities an organization needs to meet its goals and objectives. Changes in business environments will require organizations to constantly assess their strategies for success.
Formulating a Plan
is the process of choosing the most profitable course of action for success. This is the phase for setting objectives and identifying the ways and means of achieving them. An analysis of corporate strengths, weaknesses, opportunities and threats reveals critical areas surrounding the products and services that need attention.
Strategy formation
is the process of defining the direction of the firm's futuristic course of action, which would enable the firm to allocate resources in order to achieve the set goals and objectives.
strategy implementation
is the process of putting strategy into action, which includes designing the organizational structure and related systems.
Global Business Travel Association (GBTA)
is the world's premier business travel association. This is probably the biggest association for the hospitality and tourism industry that manages close to $350 Bn of global business travel expenditures across six continents.
the fifth school, cognitive
it emphasizes strategy formation from the perspective that the decision maker's cognition and mind drive strategy making
The third school is positioning
it views strategy formation as consisting of a few strategy types. Porter (1980), with an emphasis on strategy typologies. Strategy was still conceptualized as a formal and controlled process, but the focus here was on competitive strategies and industry structure.